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Wednesday, December 4, 2013

New York Times Editorial, "Keeping Shareholders in the Dark": The Season of Miracles

Miracles do happen! Today, I am in complete agreement with an editorial entitled "Keeping Shareholders in the Dark" (, in which The New York Times declares:

"Protecting investors and ensuring proper corporate governance are the essence of the mission of the Securities and Exchange Commission. But you wouldn’t know that from the recent actions of the agency and its chairwoman, Mary Jo White.

Last week, the S.E.C. unwisely removed from its regulatory agenda a plan to consider a rule to require public companies to disclose their political spending — even though the case for disclosure is undeniable. Basic investor protection requires that shareholders know how corporate executives are spending shareholder money. Good corporate governance requires that companies are transparent about their use of corporate resources. Shareholders know this and have demanded disclosure."

Ah yes, Mary Jo White, who was nominated by Obama earlier this year to replace Elisse B. Walter as Chairwoman of the U.S. Securities and Exchange Commission. Yet another successful appointment by the president, intended to ensure ongoing reform of America's corporate and financial sphere . . . not.

And while we're on the topic of the S.E.C., how about reinstating the Uptick Rule and putting an end to grotesque hedge fund manipulation of the securities markets (see:

Yes, I know, wishful thinking on my part.

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